Memecoins
4 meme coin losers of the week
During the week, as global financial markets faced turbulence, the cryptocurrency scene also saw uncertainty, with major altcoins recording both highs and lows. Popular memecoins like DogemonetaPEPPER and Shiba Inu, they also found themselves in the red zone. Amid the chaos, the overall market capitalization of memecoins fell by around 2% to $53 billion today. This article will explore the performances of four meme coin losers from the past week.
1. Moutai (MOUTAI)
Moutai has been through a turbulent week, with its price fluctuating significantly, topping the list of memecoin losers. The meme coin suffered a 9.07% drop in value over the past day, following a bearish trend over the past week, with a 36% decline.
As of today, its price is $0.01827, for a total market value of $12.73 million. MOUTAI saw trading volume decline by 17.13% to reach $436.2 million in the past 24 hours, with a circulating supply of 23,964,417 MOUTAI tokens.
The Moitai token was created as a tribute to China’s leading liquor brand, MOUTAI, with a fan club dedicated to connecting East and West. It is not to promote alcohol consumption, but to build a community around Kissinger’s problem-solving philosophy through MOUTAI.
2. Degen (DEGEN)
Over the past week, Degen has faced tough challenges, recording a price decline of 3.54% in the past day. Last week’s market turbulence did not spare memecoin, which saw a 33.8% drop in value.
Currently, Degen is trading at $0.01334, with a total market capitalization of $189,194,896. The token’s trading volume was $26.98 million over the past 24 hours, with a circulating supply of 2,019,798,885 DEGEN.
Degen began as a reward token in the Farcaster Degen channel, evolving from a meme coin to attract developers, crypto enthusiasts, and content creators.
Launched in January 2024 as an ERC-20 token, it turns content into currency within the Farcaster ecosystem, incentivizing quality contributions through rewards and connecting online efforts with tangible value.
3. TokenFi (TOKEN)
TokenFi recorded losses of 33% in the last week and 6.18% in the last day. However, it has seen a reduction in market capitalization similar to other memecoins. Currently, TokenFi is valued at $0.09636, with a market capitalization of $96,357,944. The memecoin’s trading volume reached $18.6 million in the last 24 hours, while the circulating supply was 193,202,692 TOKENS.
TokenFi, launched by the experienced Floki team, aims to simplify the tokenization of cryptocurrencies and assets to become the leading platform globally. With the tokenization industry expected to reach $16 trillion by 2030, they argue that major investor BlackRock sees it as the next evolution of the market.
Leveraging the success of the $3.5 billion Floki token, TokenFi is set to dominate the tokenization industry.
4. PUPS (Ordinals) (PUPS)
Rounding out our list of memecoin losers is PUMPS, which has seen losses of 31.08% over the past 7 days. This bearish trend was experienced with a decline in value of 4.35% in the last day. Trading today at $12.83, PUPS has a market capitalization of $99.65 million.
$1.9 million worth of PUPS were traded in the last 24 hours, with 150,880 PUPS in circulation.
PUPS is a memecoin with cute pixel puppies on the Bitcoin blockchain. Digital art is permanently recorded using Sort them protocol, which assigns a unique identifier to data and attaches it to a Bitcoin transaction. This allows the data to be permanently stored and viewed by the public.
Conclusion
Despite their individual performances, all of these meme coin losers of the week faced challenges in the context of the broader market crash, which reflects the volatility and uncertainty prevalent in the cryptocurrency market. Investors should monitor these trends carefully and exercise caution in their investment decisions.